Accounting: What the Numbers Mean 11th Edition by Wayne McManus,Daniel Viele,David Marshall

Exercise 25

Review exercise-calculate net income At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders' equity of $260,000. During the year, liabilities increased by $11,000 to $116,000; paid-in capital increased by $20,000 to $90,000; and assets increased by $130,000. Dividends declared and paid during the year were $28,000.
Required:
Calculate net income or loss for the year. (Hint: Set up the accounting equation for beginning balances, changes during the year, and ending balances; then solve for missing amounts.)